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Redback Weakens Ahead Of Another Contractionary Caixin PMI Print

CNH

Spot USD/CNH gained in the lead-up to the release of China's Caixin Services PMI, but the reaction to the actual print was limited, albeit the rate registered fresh session highs. The data showed that China's services sector unexpectedly flipped into contraction in August, which comes after a surprise contractionary reading of Caixin Manufacturing PMI.

  • The PBOC set their central USD/CNY mid-point at CNY6.4577 today, 3 pips above sell-side estimate.
  • On the news front, China's Pres Xi outlined plans to establish a new stock exchange in Beijing for innovative SMEs.
  • Participants look ahead to next week's trade report and inflation data.
  • USD/CNH last trades at CNH6.4546, 54 pips higher on the day. Gains past Aug 31 high of CNH6.4719 would please bulls, giving them a green light for targeting Aug 27 high of CNH6.4863. Bears look for a slide through Jun 18 low of CNH6.4413.
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